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I-T dept. confiscated benami assets worth ₹6,900 crore under anti-benami law

The Income Tax Department has confiscated assets worth ₹6,900 crore till now as part of its action under the anti-benami transactions law, the agency said in a public advertisement on Tuesday.

A benami transaction is an arrangement in which a property (movable or immovable) is transferred to or held in the name of one person (benamidar) but is actually owned and enjoyed by another person (beneficial owner).

The message issued in leading dailies said people who “abet and induce” benami transactions, benamidar (in whose name benami property is standing) and beneficiaries (who pay money consideration) are prosecutable and may face rigorous imprisonment up to 7 years besides being liable to pay fine up to 25 per cent of fair market value of benami property.

“The Income Tax Department has already attached and confiscated benami properties worth more than ₹6,900 crore,” the message said.

The message added that people who furnish false information to authorities under the law — Prohibition of Benami Property Transactions Act, 2016 — are prosecutable and may be imprisoned up to 5 years besides being liable to pay fine up to 10 per cent of fair market value of benami property.

“We urge every conscientious citizen to help the government in eradicating it,” the message added.

The tax department started initiating action under the anti-benami law from November 1, 2016.


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Printable version | Jun 15, 2021 5:41:17 AM | https://www.thehindu.com/news/national/i-t-dept-confiscated-benami-assets-worth-6900-crore-under-anti-benami-law/article26118351.ece

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